Reimbursable describes an expense, cost, or loss that is eligible to be paid back or covered by an entity, such as an employer, insurance company, or government agency. This typically requires the submission of documentation, such as receipts or invoices, to verify the expenditure. The terms and conditions of reimbursement, including eligible expenses, claim submission procedures, and deadlines, are often outlined in policies or agreements. The goal of reimbursement is to restore the claimant to their previous financial state regarding a covered expense, providing a form of compensation for money spent.
Reimbursable meaning with examples
- As a part of your travel package, all expenses associated with lodging are reimbursable. Keep all receipts, including the hotel bill and food purchases, as proof of your spending. Once you return, you can submit a claim for reimbursement, provided you follow our detailed company policies.
- The employee handbook clearly states that mileage incurred while using a personal vehicle for company business is reimbursable. Employees must record their starting and ending points, total distance, and purpose for the trip. This data should be submitted with the corresponding mileage rates.
- Following a doctor's visit, certain medical expenses, such as prescriptions and consultations, might be reimbursable by your insurance provider. To obtain reimbursement, you are expected to submit a completed claim form, along with original invoices and all the associated medical records.
- After the incident, the city declared that the cost of repairs done on the property was fully reimbursable to those who had damages done from the event. Residents were able to document all of their claims with proper photos and cost breakdown to be paid the full amount.